AYYAPPAN AJAY 4

What Happened
Ayyappan Ajay, EVP & General Counsel (Corporate Secretary) of ExlService Holdings, sold 5,093 shares of EXLS in an open-market transaction on May 20, 2026. The shares were sold at $29.11 per share for total gross proceeds of approximately $148,257. This was a sale (disposition), not a purchase or option exercise.

Key Details

• Transaction date: May 20, 2026
• Price per share: $29.11
• Shares sold: 5,093
• Gross proceeds: ~$148,257
• Transaction type/code: Sale (S) — open market/private sale reported on Form 4
• Filing date: May 22, 2026 (Form 4) — filed within the typical two-business-day reporting window
• Shares owned after transaction: Not specified in the provided filing summary (see Form 4 for "Amount Owned Following Reported Transaction" if needed)
• Footnotes/plan: No 10b5-1 plan, tax withholding, or other special footnotes noted in the provided excerpt

Context
This was a straightforward open-market sale by a company officer. Sales by insiders can be routine (diversification, liquidity, tax reasons) and do not necessarily signal a change in view about the company; purchases are generally more informative about insider conviction. For full details, consult the filed Form 4 (Accession 0001628280-26-037747) for any additional disclosures.